Source: CBI / Research & Statistics Dept. / Monetary & Financial statistics Division

[Matt330]

You are welcome - Now I am hoping those who started this discussion will come back and revisit this. PLeeeze

So I have a different understanding of this article than some here on DV. The way I see how this will work is for every (2) 25,000 notes in country the CBI will issue a 50 dinar valued at 43.00 - 43.00 divided by 50 equals .86. For every 50,000 dinar taken off the streets will contribute to the reduction of the 000's from trillions eventually to billions.

If the CBI changes the exchange rate at the same time we are looking at .86 as the exchange rate. Now, my belief is the foreign holders will exchange at this rate. WARNING: This is my opinion and appears logical to me.

What you're describing is an in country only lop, which is not logical and will never happen. If the Iraqis have to exchange 50,000 for 50 in order to get .86 rate then so will you.

[yota691]

Some more INFO on Monetary Mass To analyze the concepts of monetary mass and GDP in the current context, as being some of the major economic aggregates used by the state to balance the economy, and they also have been main study subjects of many economists for a long time. For this purpose, the monetary mass is presented as the instrument exploited by the national monetary policy to directly exercise its influence, and to compliance to the IMF standards, by imposing the use of a monetary mass structured in three monetary aggregates: M1, M2 and M3. The augmentation of the monetary mass must be directly correlated with the pace of economic growth. Methodologically, the research was carried out as an ideological and quantitative approach, using adequate interpretation and analysis techniques. Based on the data National Bank and the National Statistical Institute we have analyzed the evolution of the monetary mass and also the contribution of the demand and offer components to the Gross Domestic Product. The results of our study highlight an increase in monetary mass due to the unequal augmentation of quasi-money (Definition for quasi money:Web definitions: Near money (synonym: quasi-money) is a term used in economics to describe highly liquid assets that can easily be converted into cash).. and cash, which resulted in a modification of its structure through the enlargement of the cash ratio, in relation to the opposite evolution of quasi-money. This increase in monetary mass has not always been closely correlated with the ascendant movement of the GDP. Key words: monetary mass, monetary basis, GDP, economic growth, quasi-money

The currency is mainly a macroeconomical category representing a reference point for all economic agents in the country. It

fulfills the measuring functions of the economic activity and exchange mediation. The attempt to measure the currency quantity is translated, in other words, in a stage of monetary aggregates initiation. The object of such an attempt has as result the effort to determine the potential spending capacity of the economic agents who have as main activity the intervention on the goods and service market, production, purchasing, selling, saving, that is the economic agents that by means of their actions play a major role in economic augmentation and inflation. At another level, the main synthetic indicator included in the production aggregates category, and that is the object of the present analysis, is the Gross Domestic Product, or GDP. As a summary, let’s say that the Gross Domestic Product expresses the value of finished goods and services created inside the national economy by resident or non-resident economic agents during one year. And because we deal with economic activities of production and service performance, all these add up and are valued as money amounts. MATERIAL AND METHOD The currency represents an embodiment of natural persons’ estate, characterized by the particularity to be used immediately in transactions for performance of various payments, without risking a value diminishing. The formation of the monetary mass sphere, deciding its elements include taking into consideration the defining modality of the currency, and also its existent shapes. Synthesizing the various expressed opinions, there can be underlined two interpretations. In a restricted meaning, the monetary mass represents the set of payment means that allow the owner the immediate purchase of goods, services and performance of direct

payments. According to this definition, as part of the monetary mass are two elements: a) Cash (or real currency) is the most liquid element of the monetary mass. The cash is necessary for purchasing goods, services and for performance of various economic payments. Available amounts in current accounts opened at banks, savings banks, other financial institutions, etc. are considered as currency, and so they are included in the monetary mass, so the holders of this availabilities can acquire goods, services (with help of checks, cards, etc.) and perform direct payments for due debts. These two elements of the monetary mass are also called real currency. In a broad meaning, the monetary mass reflects not only the proper payment means, but also the set of liquid financial actives appropriate to be immediately or in a short term transformed into real currency, without the risk of having significant value losses. The monetary mass in a broad meaning comprises, besides the real currency (cash and availabilities in current accounts) also the following elements: • Term deposits and savings accounts, opened at banks, savings banks, etc., that have a reduced liquidity degree because they can’t be used for performance of direct payments. Their inclusion in the monetary mass is justified also by the fact that, from the point of view of the influence these deposit types exercise over the volume and structure of the holder expenses, and therefore over the solvable demand, there are no differences against the availabilities found in the current accounts [2]; • The titles on the financial markets considered close substitutes of the real currency, because they are easy to negotiate and do not include a significant values loss (deposit certificates issued by banks, coupons issued by financial institutes and companies, negotiable treasury coupons issued by the state, etc.). To sum up, the structure of the monetary mass (in a wide meaning) has a relative character, because, as new financial instruments emerge, instruments that become substitutes close to the real currency, they will be included as part of the currency. The balanced development of an economy supposes a good correlation between the volume of the available payment means and needs of the non-financial agents. Therefore, there is compulsory for monitoring the monetary balance, to know the available payment means and the modality these are owned by those engaged on the goods and service market. For this purpose, the monetary authorities elaborated the monetary indicators, named monetary aggregates that reflect the purchasing power of the resident non-financial agents. The monetary aggregates represent a set of monetary actives possessed by resident nonfinancial agents that present the particularity that the most restrained aggregate is included in the closest aggregate superior in size, and so on, therefore the largest aggregate, the liquidity aggregate, includes all other aggregates. If until 1980, the monetary aggregates generally comprised a reduced number of monetary actives, subsequently, as a result of reforms applied by developed countries authorities, there were created new financial products that became close substitutes of the real currency (currency in a restricted meaning) and as a result they were included in the monetary aggregates structure (for example, deposit certificates issued by banks, coupons issued by financial institutes, negotiable treasury coupons issued by the state, treasury coupons issued by companies, etc.) In the context of Euro creation and attempt of the Romanian economy to target this area of single currency (it’s true, having a horizon after 2014), the monetary authorities of the member states in the Eurozone were preoccupied with the definition of the common and harmonized monetary aggregates. For this purpose there were established the competent institutions to create and administer the currency, known under the name of financial-monetary institutions. Their structure comprises [1]: a) Central banks (Central European Bank and central banks of the states found in Eurozone) Resident credit institutions (mainly banks and savings banks), defined as "companies with an activity consisting in attraction from public of deposits and other reimbursable funds and credit granting"; c) Other resident financial institutions, having an activity consisting in deposit attraction and close substitutes for the entity deposits, other than financially-monetary institutions and credit granting and performance of investments of real estate value (mainly Collective Investment Organisms in Real Estate Value - OPCVM -, specialized in purchasing titles from the monetary market). The monetary aggregates, built by successive integration of actives with monetary character which appear in the passive of the reinforced balance of the financial-monetary institutions, are [3]: • Close monetary aggregate (M1), including the fiduciary currency (bills and metallic coins) and sight deposits; • Intermediary monetary aggregate (M2), comprises, besides M1, term deposits(for a period of time of up to two years) and deposits with pre-notice of at least three months. M2 is also named quasi-money because it includes deposits that are available

at any moment, limited by some restrictions (for example fees, penalties, pre-notice existence, etc.), but cannot serve directly to payment performance; • Monetary aggregate M3 – representing the monetary mass in a wide meaning - including M2, to which is added negotiable instruments considered as substitutes close to deposits, issued by financial-monetary institutions. On the other hand, the economic growth is reached when the GDP per capita of a certain national economy increases year by year, or appears the increase of the useful economic effects number in a certain period of time. The economic growth refers to continual enlargement, increase, extension, but not necessarily linear extension of the GDP, process requesting both a quantitative, and in which the currency, the monetary

mass possesses an essential role, but sooner, also a qualitative aspect. By means of the currency, in a concrete situation, we consider that through the

monetary emissions regulation made by the national bank there are really supported the needs of the real economy. This is achieved in close interdependence with the banking system and targets that the whole economic system to work harmoniously, mixing the individual interests of the economic agents with the general interests of society, finally ensuring the much desired increase of GDP. The entire monetary mechanism, mass, aggregates that support the monetary policy of the central bank, are not enough to achieve all by themselves the economic re-launch. In order for an economy to function normally, is necessary the monetary flow to be permanently adapted to the economic reality exigencies, and the monetary mass to be rigorous controlled. Financial-banking institutions fueling the economy with payment means fulfill this role, and they are directing the cash flows to sectors and areas with high development potential. and this was a study from Rome

Edited December 26, 2011 by yota691

[Stryker365]

You are welcome - Now I am hoping those who started this discussion will come back and revisit this. PLeeeze

So I have a different understanding of this article than some here on DV. The way I see how this will work is for every (2) 25,000 notes in country the CBI will issue a 50 dinar valued at 43.00 - 43.00 divided by 50 equals .86. For every 50,000 dinar taken off the streets will contribute to the reduction of the 000's from trillions eventually to billions.

If the CBI changes the exchange rate at the same time we are looking at .86 as the exchange rate. Now, my belief is the foreign holders will exchange at this rate. WARNING: This is my opinion and appears logical to me.

DinarDana, I was going to come back on Saturday but when I arrived back home to all my kids waiting on me to start the Christmas weekend all thoughts about the Dinar went out the window. I see I have some reading to catch up on Yota and I have put some thoughts into were I left off and after I do some more research I will be posting my thoughts this afternoon.

Lets have a great Monday

[yota691]

DinarDana, I was going to come back on Saturday but when I arrived back home to all my kids waiting on me to start the Christmas weekend all thoughts about the Dinar went out the window. I see I have some reading to catch up on Yota and I have put some thoughts into were I left off and after I do some more research I will be posting my thoughts this afternoon.

Lets have a great Monday

I'm waiting on you Have a good day

[yota691]

Velocity of money

From Wikipedia, the free encyclopedia

The velocity of money (also called velocity of circulation) is the average frequency with which a unit of money is spent in a specific period of time. Velocity has to do with the amount of economic activity associated with a given money supply. When the period is understood, the velocity may be presented as a pure number; otherwise it should be given as a pure number over time. In the equation of exchange, velocity of money is one of the variables claimed to determine inflation.

The determinants and consequent stability of the velocity of money are a subject of controversy across and within schools of economic thought. Those favoring a quantity theory of money have tended to believe that, in the absence of inflationary or deflationary expectations, velocity will be technologically determined and stable, and that such expectations will not generally arise without a signal that overall prices have changed or will change.

The view that velocity of money is constant is criticized

In terms of the quantity theory of money, we may say that the velocity of circulation of money does not remain constant. “You can lead a horse to water, but you can’t make him drink.” You can force money on the system in exchange for government bonds, its close money substitute; but you can’t make the money circulate against new goods and new jobs.[4] Principles of Money

The theory above is based on the following hypotheses:

The source of inflation is fundamentally derived from the growth rate of the money supply.

The supply of money is exogenous.

The demand for money, as reflected in its velocity, is a stable function of nominal income, interest rates, and so forth.

The mechanism for injecting money into the economy is not that important in the long run.

The real interest rate is determined by non-monetary factors: (productivity of capital, time preference).

Decline of money-supply targeting

An application of the quantity-theory approach aimed at removing monetary policy as a source of macroeconomic instability was to target a constant, low growth rate of the money supply.[20] Still, practical identification of the relevant money supply, including measurement, was always somewhat controversial and difficult. As financial intermediation grew in complexity and sophistication in the 1980s and 1990s, it became more so. As a result, some central banks, including the U.S. Federal Reserve, which had targeted the money supply, reverted to targeting interest rates. But monetary aggregates remain a leading economic indicator.[21] with "some evidence that the linkages between money and economic activity are robust even at relatively short-run frequencies."[22]

[keepmwlknfny]

Well Keep, I think I may understand differently, because in order for the value of the dinar to be more valuable to the Iraqi citizens they will need more purchasing power, so if the foreign exchange rate increases to .86 then their 50 dinar is more valuable, because Iraq can import more from foreign countries for less, because their currency is worth more, therefore the price index will decrease and confidence will rise in the dinar. Certainly, if Iraq can import for example materials to build more homes the cost of buying a home will decrease. The average citizen will make the same salary, however instead of purchasing a home for 1,000,000.00 dinars it will now cost 1,000.00 dinars. They cannot possibly decrease the price of goods and services until they raise the value of the foreign exchange rate.

You are still correct, if they delete the zeros, the new currency would and will carry a higher value and a higher purchasing power, but its because the new currency wouldnt be overinflated....unfortunately though in this scenario the bills we hold now wouldnt see that and would have to be exchanged for the new....and apparently at a rate of 1000 to 1....at least thats what the CBI is stating...

[Stryker365]

Yota, sorry for the delay but I'm back. Lets start with why everyone keeps looking at the numbers in trillions, I understand that articles state that the money supply tells us that but yet the financials to me anyway are...what they are and nothing in their notes tells me different but correct me if I'm wrong please. i have looked all thru the audited finacials also and all are in millions or billions not trillions.

Here are the two links that tigerstripes posted on here a few days ago and I have added examples from each;

Now this two system uses a decimal point as the radix point, a system meaning that the numbers start at the decimal point, example;

In base 10 (decimal): 13.625

In this example, 13 is the integer to the left of the radix point, and 625 is the fractional part to the right.

Reserve Bank Of Australia:

http://www.rba.gov.a...d=2412-18:18:02

MONETARY AGGREGATES

$ billions

Oct-2011 49.3 227.4 378.8 172.7 1395.6

Two examples;

49.3 is 49 billion. 3 hundred million

1395.6 is 1 trillion 395 billion.6 million

Federal Reserve:

http://www.federalre...ent/default.htm

FEDERAL RESERVE STATISTICAL RELEASE H.6 (508) Table 1 For release at 4:30 p.m. Eastern Time December 22, 2011 MONEY STOCK MEASURES Billions of dollars

M1(1) M2(2) M1(1) M2(2)

2011-Jan. 1850.3 8836.8 1841.0 8840.0

Two examples;

1850.3 is 1 trillion 850 billion .3 million

8836.8 is 8 trillion 836 billion .8 million

OK now here is CBI's

Monetary Base (End of period, in billions of Iraqi dinars)

03-Nov 10-Nov 17-Nov 24-Nov 01-Dec

a - Net Foreign Assets of CBI 68,489 68,489 68,013 70,482 69,373

As you can see the system is different then Australia's or the United States, they us a comma and not a decimal point for the radix point.

Examples;

68,489 is 68 billion 489 million

70,482 is 70 billion 482 million

Now I am putting myself out there, show me where I'm wrong but you just can't say add three zero or the starting point starts at the void area to the right so 1000 billions equals a trillion. Don't just add 000's like someone did anyone can do that including my 6 year old, so facts.

Nothing in my world tells me to assume anything, its needs to be a defined as alternate indicator as a way of measurement somewhere in the CBI financials IMO and there is none, so you must use the radix point as the starting point.

Those that are welling to help here please bring in all comments with examples please, all i want is to get to the bottom of this and do not care if I am right or wrong I just need to see the truth before moving to my next area.

Sorry the numbers keep running together, can't separate them.

Thanks

Edited December 28, 2011 by Stryker365

[keepmwlknfny]

So if there is no radix point (.) then would it not throw those guidelines and how you read the numbers out the window?

I think I know what your saying but if Iraq is using commas in the numbers when listing in the billions, then couldnt it just simply be that an amount listed as 25,987 (billion) actually be 25 trillion??

[Stryker365]

So if there is no radix point (.) then would it not throw those guidelines and how you read the numbers out the window?

I think I know what your saying but if Iraq is using commas in the numbers when listing in the billions, then couldnt it just simply be that an amount listed as 25,987 (billion) actually be 25 trillion??

No keep its doesn't work that way but thanks for wasting my time... , , come on you can do better then that. hey my kids are gone so me and kids moma have the house to ourselves. i'll check back tomorrow tho...

Everyone play fair now and have a great night I know I will....... :D :D

[keepmwlknfny]

No keep its doesn't work that way but thanks for wasting my time... , , come on you can do better then that. hey my kids are gone so me and kids moma have the house to ourselves. i'll check back tomorrow tho...

Everyone play fair now and have a great night I know I will....... :D :D

Thats why I was ASKING you.....so sorry for trying to get a better explanation of the whole radix subject from you since you seem so stuck on it, I was actually interested in hearing more from you but since you wanna be a ****, figure it out yourself....not my problem you cant comprehend that they are listing the numbers in billions and you cant convert it.....

[tigerstripes]

Hi Stryker,

I have attached a wikipedia page that talks about Radix Points. http://en.wikipedia.org/wiki/Radix_point

Pasted one relevant section below:

In English-speaking countries, the radix point is usually a small dot, ., placed either on the baseline or halfway between the baseline and the top of the numerals. In other regions, a comma (,) is usually used instead (see decimal separator for further information).

Now, when I was going to school, I was taught to separate out my thousands with a comma. Ie 100,000

The decimal point (or dot, or period, or whatever you want to call it), was used to indicate a fraction of something. Ie 1/2 = 0.5

Another example one thousand and one half would be written as 1,000.5

If I was writing the spreadsheet, or the report, I wouldn't have any decimal points in the numbers as I probably wouldn't be counting fractions of dinars, I would be using the nearest whole dinar number.

I guess what I'm saying, is that the comma you are looking at and describing as a Radix Point, is not actually a Radix Point, it's just separating at the thousands.

You need to also understand, that the CBI financials spreadsheet uses rounding (I guess for simplification). As an example the Annual_2010 PDF lists:

Currency with Commercial Banks as 3,165,136. The heading states that this in (Millions ID) therefore three million, one hundred and sixty five thousand, one hundred and 36 million dinars. Which would of course equal: Three trillion, one hundred and sixty five billion, one hundred and thirty six thousand dinars.

Note: This is the December figure.

On the CBI financial indicators spreadsheet it lists ID Vault Cash as 3,165. They state that the figures are in Billions of Dinars, so three thousand, one hundred and sixty five billion dinars, which would of course equal 3 trillion, one hundred and sixty five billion dinars.

Now, this is the way that I read the spreadsheets etc, and I could be wrong. But to me, the CBI lists everything exactly the way that I learned it, so it makes sense to me.

[JWJW11]

Thats why I was ASKING you.....so sorry for trying to get a better explanation of the whole radix subject from you since you seem so stuck on it, I was actually interested in hearing more from you but since you wanna be a ****, figure it out yourself....not my problem you cant comprehend that they are listing the numbers in billions and you cant convert it.....

Lol.....who's the one who gets upset....lol your funny

[tigerstripes]

Let me add one more thing if I can.

If you look at the Annual_2010 report, same page as I referenced in my earlier post, there is also a column that lists Currency Issued. The figure for December 2010 is 27,507,328 (Millions Of Dinars).

In this instance, they have two commas separating out the number.

Obviously, you can't have two Radix Points, so this is why I think they are just using the commas to make the number easier to read.

The numbers on the CBI Financial Indicator Spreadsheets don't have to use two commas, as they are listed in billions of dinars, rather than millions of dinars.

As I said before, the way they write their numbers is exactly how I was taught, so it is perfectly sensible to me.

Hope that helps.

[Stryker365]

Let me add one more thing if I can.

If you look at the Annual_2010 report, same page as I referenced in my earlier post, there is also a column that lists Currency Issued. The figure for December 2010 is 27,507,328 (Millions Of Dinars).

In this instance, they have two commas separating out the number.

Obviously, you can't have two Radix Points, so this is why I think they are just using the commas to make the number easier to read.

The numbers on the CBI Financial Indicator Spreadsheets don't have to use two commas, as they are listed in billions of dinars, rather than millions of dinars.

As I said before, the way they write their numbers is exactly how I was taught, so it is perfectly sensible to me.

Hope that helps.

tigerstripes, I have always seen the logic that he bring in here and thank you for your help with this. I saw it both ways and just needed to know I was reading it correctly or incorrectly. I bring another example from the 2010 audit that has help me understand some what, I'm still not 100% sure but enough to move on.

Independent auditor's report (continued)

Basic for Qualified opinion (continued)

2 As explained in note (28) to the financial statement, CBI has outstanding off-balance sheet credit

related commitment balance in the amount of IQD 52,719 million (2009: IQD 52,960 million)..etc....

To me this could go both ways; 52 billion, 719 million or 52 million, 719 thousand but again it to me can be a way of throwing us off.

But I'll concede that you are reading it right and I was reading it wrong.

My theory is that there is more USD in circulation that is hidden within their financials, in other words if they have lets say 21 billion USD in circulation and because they would account for it in their countries currency at 1170:1 that would put it at around 24.985 trillion dinars, just using these numbers as an example only. And when this event happens they will dedollarize over the next two years causing the 25 trillion dinars that they keep talking about in the article below to be reduced to the actual dinars that is in circulation to 15 billion dinars. At the same time giving the same two years to make arrangements for what is out side the country, dinar that we all hold to be accounted for and digitized, traded and so on...

The USD could be much lower in this theory but by the CBI's actions here lately by taking dinar liquidity down trillions at a time over just a few days thru the actions the end result can be accomplished just the same. But this concept is IMO the only way they can reduce it quickly thus giving the dinar more value.

Here's the quote from the article that DinarDana re-found and posted back in here the other day, Thank you DinarDana.

"We want to usurped the money supply of 25 trillion to 15 billion dinars,"

Read more:

All this is is another persons thoughts and no way am I saying this is the way it is but it makes since to me.

I have learned a lot here in the last few months but I need to move on, like a lot of people out there my family is in dire need of me getting back to work. After losing my business a few months ago and almost all my wealth I gave myself until the end of the year for this to happen and we are a few days away but I can't wait. After being in business for myself all my working life this 52 year old guy needs to find a job and no better time then now to look for one, wow I hope I don't see you at Walmart but they may be the only ones that will hire me as a greeter, haha.

Thanks everyone for the help and understanding that you all bring me and others.

I'll pop in every once in a while to see how you guys are getting a long,.........

By the way Keepm i was just showing my lack of humor last night and my lack of intelligence, I over looked the ? marks and thought you were being smart, sorry and I hope you accept my apologt..........I kinda had my wife on my mind...

Thank care guys and gals and have a Happy New year.......Carrello keep my penthouse suite ready.........GO RV.

Edited December 28, 2011 by Stryker365

[Mak63]

A lot of spreadsheets like these use exactly the same method. At the heading of the line they will state something like (in thousands), or (000's).

It just means that they don't have to input those extra zeros in every cell.

Also reduces the size of the spreadsheet.......... been there/done that!!!!

Mak63

[tigerstripes]

Stryker, please don't take anything that I've written as an absolute. It's all just my opinion and I could be totally wrong.

Best of luck to you. I wish you all the best for the future, and I'm sure that everything will work out well.

Stay Positive!

[Stryker365]

Stryker, please don't take anything that I've written as an absolute. It's all just my opinion and I could be totally wrong.

Best of luck to you. I wish you all the best for the future, and I'm sure that everything will work out well.

Stay Positive!

Hi tigerstripes, I just came in to read the news and thought I would check out the thread, thanks for your response and hell I still feel you have it right or why would they be advertizing the money supply in trillions. I just read another one of yota'a morning post that went along with my theory anyway and thought I would post the highlights here, thanks yota,

Also, I believe that if a country is using two main currencies in circulation within their country that they would account for both in their financials but they are not, or their not showing us anyway, example; CBI puts in $250,000,000 (million) USD in to the market in one day to stabilize the dinar exchange rate at the same time so people can buy cars and houses as stated in the below article they would need to show it as money out side the bank or how would they be able to keep up with other data like inflation, etc... That is like saying a publicly held company has two stocks but they only count one of them that is out there in the market. Now there are amounts that flow in and out from bordering countries from terrorist and trade that only get accounted for as it works its way thru the banking system, if it does but I'm not talking about those funds. It is funny that the M2 keeps growing but they keep taking dinar out of the market as stated in other articles but also the money out of bank does not go up, if it does I don't see it..

Anyway I thought this was interesting article.

Dollar accounts for 40 percent of trades in Iraq

Read more:

Quotes (I broke it up, it makes it easier to read this way, for me anyway):

adding that the dollar accounts for 40 percent of local trading.

this negative phenomenon means that there are flaws in the domestic economy and international relations, and lead thus to the deterioration of the currency market locally and abroad ».

He pointed out that recent estimates reported that between 35 and 39 percent of transactions are in foreign currencies in local markets, adding that large transactions such as buying houses, cars, gold held in dollars, and small in dinars

He said: «the problem of dollarization due to a lack of confidence in Iraqi dinars, which became the currency very strong and is trading up in the markets of neighboring countries, and the reason for this is due to a malfunction in the structure of the Iraqi currency and the weakness of composition, and higher paper we have is from the category of 25 thousand dinars, equivalent to $ 20 and, therefore, cash payments large need for larger groups to facilitate the payment and pregnancy, especially since Iraq has so far preferred cash handling unlike the countries of the world that have crossed this stage and use payment mechanisms that are easy and simple, such as cards, instruments and devices of electronic payment and other ». and the steps taken by the Central Bank to resolve the problem , Saleh said that «the treatment, the most prominent lies in the application of the deletion of zeros for the restructuring of the dinar and the equation of the dollarization phenomenon».

the «natural in all countries of the world is that the transactions are in the national currency, this would be the best, and restricts the use of other currencies in foreign dealings, but the Iraqi citizens accustomed to dealing with the rest of currencies, and you see an observer of the movement of prices and it has become phenomenon will continue as it is no longer structured dinar ».

Have a good day!...

Edited December 29, 2011 by Stryker365

[Stryker365]

Sorry, I did not mean to type terrorist, I meant tourist, damn spell check!